Coinbase Seeks Brand Exposure with Germany’s Second-largest Soccer Club

The exchange is reinforcing an existing partnership and will be Borussia Dortmund’s premium partner for at least another six months

article-image

Source: Shutterstock / Novikov Aleksey, modified by Blockworks

share

Cryptocurrency exchange Coinbase isn’t shying away from advertising despite cutting costs in other areas. 

The exchange is strengthening ties with German soccer club Borussia Dortmund (BVB), local outlet Handelsblatt reported

After establishing a partnership in July 2021, the club displayed ads for Coinbase on screens in its stadium and held crypto-related educational workshops for its employees.

That partnership is now leveling up as advertising will expand across marketing channels, including ads on the club’s stadium perimeter board, which will enhance virtual exposure for Coinbase at local events.

A Coinbase spokesperson previously told Blockworks the exchange intends to keep all its current sports sponsorship commitments.

For now, the partnership has a time period and will reportedly last until June. The club’s managing director Carsten Cramer indicated that prudence is due to the crypto industry still being relatively new. “That’s why we want to keep our flexibility open,” he told Handelsblatt.

Borussia is the name of a local Dortmund brewery. The football club which dates back to 1909 is  listed on the Frankfurt Stock Exchange, so it has a responsibility to shareholders to be cautious about its partnerships.

Coinbase was the first company to gain a license for crypto custody from the German Federal Financial Supervisory Authority (BaFin) in June 2021, which was a significant reason for the club’s decision to partner with the company.

Now, some five companies hold the same permit.

Neither Coinbase nor BVB have mentioned how much BVB is getting for the sponsorship,  though Cramer said they “didn’t receive the most tempting offer.”

The soccer world has become an attractive sector for crypto partnerships. Crypto[dot]com was a prominent brand in last year’s FIFA World Cup held in Qatar. And Coinbase already inked sports partnerships with the National Basketball Association, the Women’s National Basketball Association and other affiliates in 2021.

Still, the exchange was impacted by the crypto winter and cut more than 2,000 jobs in the last year. It also recently decided to pull out of a major crypto market, saying it would shut down operations in Japan. 

Coinbase and BVB expect to decide whether to extend their partnership by April or May.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg

Research

Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.

article-image

MicroStrategy discloses the purchase of 16,000 bitcoin throughout November

article-image

Digital asset firms face potential new regulatory landscape under Treasury’s proposed authority expansion

article-image

Uniswap Labs will be providing trading APIs to Talos investors through Fireblocks

article-image

DYDX supply will climb by up to 80% after the Friday unlock, but a couple factors make a massive sell-off appear unlikely

article-image

Switzerland-based Pando Asset, which has crypto products trading on the SIX Swiss Exchange, now looks to the US

article-image

Binance does not hold the required licenses to advertise and serve customers in the Philippines, the country’s securities regulator said